KIEV, Feb. 28 – Standard & Poor's Ratings Services announced today it affirmed its 'B-' long-term issuer credit rating on the Ukrainian capital city of Kiev.

The outlook is stable, reads the statement.

At the same time, S&P assigned its 'B-' long-term local currency issue rating to the city's proposed Ukrainian hryvnia (UAH) 2.05 billion (about $250 million) senior unsecured bond. It also assigned a '4' recovery rating to this bond, indicating its expectation of average (30%-50%) recovery in the event of a payment default.

"The issue rating on the proposed bond is subject to both the successful issuance and our satisfactory review of the final documentation," S&P said.